New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-10
MONEY IND BUSINESS.


Tho markets have not been particularly
active since the new year began, but the ten
dcncy in stocks, in wheat, provisions, cotton,
coffee, oil and iron, has been most of tho time
toward higher prices. For some Of these
changes reasons can re seen in the relations
of demand and supply, but o hers are explained
only by the continuing imitation Of the currency.
The changes incident to the first week of a
new year have left about two and half mill
ions more paper afloat than was in use January
/, for while bank notes have declined little
as usual, the Treasury has put out 81 1000
moro gold certificates than it has taken in
about 100000 more silver certificates, and
about 81 10000 more legal tenders Tho ex-
pansion of paper circulation since August
has now exceeded S5O,OOO,0OO. But causes
are at work which are likely to limit If not to
stop this expansion.
The first of these is seen in the decrease of
silver CONS in circulation since December l.
All the silver coined during the month, and
$1Ot9,51O moro returned from circulation,
appear to have been added to the idle hoard
in the Treasury. Putting out paper has now
gone so far that the operation begins to push
not only gold, but even silver, coins out of use.
dollars by the Treasury may lie very rapid,
as it was found difficult to get many of them
into the channels of circulation; of the
$6l. 100000 now in use. perhaps half would
not have cen taken into circulation by the
people if the supply of small paper notes had
not been restricted. II the Treasury continues
TO pay out the small silver certilica es q return
of the silver coins may naturally follow.
Another feature OF consequence is the stop
page Of gold Imports by the advance of ex-
cl ange. The rae now makes imports unprOiit-
able, either from England or from the Con-
tinent and it is reported that the Paris market
has lccn draned Of gold. while exports OF gold
from London 10 Australia, coming at a tune
when Tho reserve in the Bank Of England is
lowar tlan 1t has been at any other time for
four ycant. make il reasonable to expect no
further supply from London for tho present
The outward and visible sign Of this struggle
for gold is the selling OF 4 ocks on foreign ac-
count which has been noted during the last
week Exports Of merchandise last week ex-
occded those of tho corresponding week last
year 10y l3 per cent, but imports showed an
increase of II per cent, and the higher prices
Of wheat have checked exports.
The wheat market had an uplifting early in
tho week, hut large sales TO realize followed
and the price ended the week lower than 1t
began. " Moic pacific adviccs from Europe"
arc mentioned by.LcrsOns who apparently tc-
lcved week ago that Russia was gong to
war hcfoic navigation opened. Corn has not
changed much. and pork produces, after some
days Of strength. clio al lower on Saturday.
,,Ir br bap cio
but cotton maintained It's advance OF n six
tccntK on Tues lav. Silver has risen quar-
ter Der ounce, and iron ~ especially strong,
while the strike of coll-handlcrs has made
quotations nominal. Coffee con-
tinucs TO rise, having gained half cent during
the week.
The annual report OF failures fy tho Mcr-
camille Agency shows smaller numtcr than in |
1885, though the number of firms and persons
included IN reports increased last year to
969. Sil. or 5i2 yer ccn.. IL the complete
ness OF reports accounts for the increase in |
numter OF firms inclndcd. IL must 10 rcckoned
that a sharc OF the failures would have gone
in previous years, bat IL ~ probable
that the great activity in business last year
drew into trade considerable proportion of the
49.S5l persons added 10 the lists. The most
significant fcafuic is the increase in number |
and importance Of failures toward the close OF
the year. especially in the Southwest. For |
tho last quarter the incrca'e in number Of fail |
uIcs was II per cent, and the increase in
amount of liabilities 10 lcr cent, but the aver
agc Of liabilities to each firm failing was only
Sl3 GOT, which does not indica state of
credits 10y any means dangerously Inflated
Directly or indirectly. the number and i'm
portancc OF recent failures may have resulted
in large measure from the slccula i've fever
which ragged in stock and produce markets
during tho latter part of the year. But the
natua reaction seems TO have taken the form
)f duncss thus far, rather than Of decline in
prices, for the average price of sixty active
'locks at the close on Saturday was 300 b6.
,nly IS cents below the average at the close
he day before Christmas.